For members who received a PPP loan from the SBA through PFCU, we look forward to supporting you as you begin the loan forgiveness phase of the program. We have begun accepting forgiveness applications and will reach out to you when it is your turn to apply. We encourage borrowers to review the US Treasury FAQ with specifics on documentation you’ll need to submit with your request.
For detailed information on the loan forgiveness process, including Covered Periods, the type of costs that are eligible for forgiveness and what documentation you will need to submit in connection with your application, please visit the U.S. Treasury and SBA websites.
In an effort to make it easier for some businesses to apply for PPP loan forgiveness, the SBA published a new PPP EZ Loan Forgiveness Application Form 3508EZ for borrowers who meet certain requirements. To determine if you are able to use the EZ application, you should review the Checklist for Using SBA Form 3508EZ on the SBA’s website. Borrowers who do not meet the requirements for using Form 3508EZ will apply using the updated PPP Loan Forgiveness Application Form 3508.
In addition to the 3508 and the 3508EZ applications they have added an application for borrowers whose loan amount was $50,000 or less. These borrowers can fill out the 3508S PPP forgiveness application.
We are working diligently to ensure the best possible experience for you. We will email you with specific instructions on how and when you can apply for forgiveness with us.
As always, we encourage you to visit the Small Business Administration for support options during this challenging time.